BOI issued measures to boost investment in 3 provinces to prepare for EEC

BOI issued measures to boost investment in 3 provinces to prepare for EEC

BOI issued measures to boost investment in 3 provinces to prepare for EEC

6 April 2017 /

Mrs. Hirunya Suchinai, Secretary General, The Board of Investment (BOI) stated that General Prayut Chan-o-cha, Prime Minister as the Chairman of BOI, had signed the Notification of The Board of Investment No. 4/2560 re: Investment Promotion Measures for Eastern Economic Corridor Development Zone, to promote investment in target industries using advanced technology and innovation in the three provinces including Chacheongsao, Chonburi, and Rayong. This measure is launched in response as a preparation for the Eastern Economic Corridor (EEC) Development Act to be announced by Ministry of Industry.

The investment promotion measures for EEC covering the three provinces apply to existing industrial sectors by adding value through advanced technologies for five industries: Next-Generation Automotive; Smart Electronics; High-Income Tourism and Medical Tourism; Efficient Agriculture and Biotechnology; and Food Innovation. The government has targeted five additional growth engines to accelerate Thailand’s future growth: Automation and Robotics; Aerospace; Bio-Energy and Bio-chemicals; Digital; and Medical and Healthcare. The measures will also promote development in the EEC such as infrastructure development and logistics, tourism destination business, R&D business, and technological support business with up to 202 sub-businesses eligible for promotion.

The above projects will receive additional incentives from the existing scheme – 50 per cent reduction of corporate income tax for five years from the date of expiry of corporate income tax exemption. Applicants must apply for the promotion within this year.